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Food Innovators Holding Limited

Food Innovators Holdings Limited ("FIH" or the "Company") is offering 14m shares at $0.22 each, for which 13m shares will be through placement and the remaining 1m shares via a Public Offer. The IPO will close on 14 Nov at 12 noon and starts trading on 16 Oct 9am.  FIH has two business models - the first is to be a master lease and sublease the space to other tenants and the second is to operate and manage restaurants.  The Company currently has 12 restaurants in Japan, 10 in Singapore and 4 in Malaysia. The market cap based on the IPO price is around $24.9m. Financial Highlights FIH's revenue grew from $37.8m in FY2022 to $43.8m in FY2024. It is quite funny to see that being a master land lease holder has a higher margin than operating the restaurants, once again illustrating the point that it is better to be a landlord to shake leg and collect rent. According to the prospectus, the PER is around 19x. The Company intends to pay 20% of its net profit after tax a
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New Century Shipbuilding Limited


New Century Shipbuilding Limited is one of the largest shipbuilding groups in the PRC, ranked 5th domestically and 13th worldwide in terms of orderbook measured by deadweight tons "DWT".

Its major products are medium and large sized oil tankers and bulk carriers and its shipyards are located in Jinjiang City, Jiangsu Province.

Revenue rose from RMB 7,043.8m in FY2007 to RMB 11,159.2m in FY2009 and net profit rose from RMB 405.8m to RMB 2,348.6m in the same period.

As of March 31, 2010, the order book is RMB 23.8 billion for Bulk Carriers and RMB 3.5 billion for Oil Tankers.

The Company is offering 560m New Shares at a maximum price of $1.19 and the offer price will based on a book-running exercise. The company also intends to distribute no less than 20% of its annual profit from 2010 to 2012.

In US$ terms, the company generated sales of US$1.6 billion and net profit of US$461.4m for the year ended 31 Dec 2009. Based on the post IPO no. of shares, the EPS was 7.70 US cents. Assuming the US$/SG$ rate is 1.38, the EPS is 10.63 Singapore cents and the company is listing at the historical PER of 11.1x.

As of yesterday, Cosco is trading at 33x and Yangzijiang at 9.2x.  As such, New Century could be a better alternative in term of valuation and good dividend prospects for the next 3 years. than Cosco. Investors in Cosco might want to consider switching into New Century.

The public tranche will close on May 5, 8am and the price will be then determined. The IPO will start trading on 11 May. With most markets dropping in tandem due to the Greek debt problems, it is likely to be priced below the $1.19 indicative price.

IPO punters may want to avoid this IPO in this poor market sentiments and investors who want exposure to this counter should be better off buying from the market post listing.

NOTE:  THIS IPO WAS SUBSEQUENTLY WITHDRAWN ON 5 MAY 2010
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Anonymous said…
this ipo was cancelled
5 May 2010 at 06:45
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